Car Insurance for Teenagers

Car insurance for teenagers can be downright expensive, but the cost can be decreased substantially by taking advantage of discounts available through most insurance providers.

Teens have a higher probability of accidents.

Parents may wonder if it is absolutely necessary to obtain car insurance for teenagers, especially after getting a few quotes and getting shocked by the monthly costs associated with this coverage.

Adequate auto insurance coverage for teenagers is a good idea for a few reasons, but the two top reasons are quite important.

• Legal Requirements: Insurance coverage is legally required in most states. This means that a teen who does not have car insurance, and who cannot furnish proof either when pulled over by police or when involved in an accident, can face potentially harsh penalties. Teens may wind up with costly fines or with a suspended license, or both.
• Financial Considerations: Teenagers are statistically more likely to be involved in automobile collisions. For this reason, it is vital for teen drivers to have sufficient car insurance coverage. The likelihood of any teen driver winding up in a car crash –severe or otherwise- is elevated beyond that of an experienced driver, so not obtaining insurance coverage can be a huge mistake and may potentially put your family's finances at risk.

Keep in mind that if a teenager gets into a car accident and does not have adequate insurance coverage, the parents may be legally responsible to pay all the costs associated with the accident including repair costs, medical bills and legal fees for the other people involved in the collision.

Not all car insurance companies cater to teens. Additionally, some companies will not provide policy quotes to drivers who are under the age of 18. Instead, the quote request must come from a parent or guardian.

Here is a brief list of some of the large car insurance companies that provide coverage to teenagers:

• Progressive
• Geico
• Nationwide
• Allstate
• Liberty Mutual
• USAA

Most of the larger insurance companies have auto policies available for teenagers, but as most parents quickly realize, the costs can be much higher than policies for adults.

Usually the best place for parents to start looking for car insurance for teenagers is with their existing insurer. Adding a teen on to an existing auto insurance policy can save money over buying a policy through a new company. Not all parents want to have auto insurance policies combined, however, especially when the teen is covering the cost of the policy and wants to keep it separate for whatever reason.

Comparison shopping is vital. Some insurance companies offer discounts that are not available through other insurers, especially discounts that are a result of an association affiliation. For example, members of certain credit unions can receive substantial discounts on car insurance through select providers, translating into noticeable savings even when insuring a teenager.

When applying for car insurance for your teenager, take advantage of any available discounts. It will be easier to receive discounts if you have this information available when first attempting to obtain a quote for monthly premiums:

• Full information regarding the car that will be driven by the teen, including:
  • Make and model
  • Vehicle Identification Number (VIN)
  • Any special safety features on the vehicle
  • Any special anti-theft features on the vehicle
• Information regarding teen's driving history
  • History of accidents or tickets
  • Information regarding completed driver safety courses
• Additional information that may result in a discount
  • Teen's grade point average (GPA) for a good student discount
  • Planned use of the vehicle for a potential low miles discount
  • Any organization affiliation that may offer discounts, such as credit union membership

With age and experience will probably come a drop in rates, so a policy for a 16 year old with a new license may be more expensive than a policy for an eighteen year old with a clean driving record for the past two years.

While car insurance for teens can be expensive, it is certainly less costly that allowing a teen to drive without adequate coverage.

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